The Bank of Thailand (BOT) has launched the “Your Data” project, which aims to enable users to securely transmit their personal data to financial service providers through digital channels.
This effort is a collaboration between the BOT, the Securities and Exchange Commission (SEC), the Office of the Insurance Commission (OIC), and other relevant agencies.
The project aims to improve access to personal financial services, particularly credit and financial planning for individuals and small and medium-sized enterprises (SMEs).
At the launch, Deputy Prime Minister Pichai Chunhabajra emphasized the importance of data in driving Thailand’s digital economy, improving financial services and closing the access gap, especially for small and medium-sized enterprises.
He also highlighted the government’s efforts to integrate data for targeted policy making.
BOT Governor Sethaput Suthiwatanaruput noted that the project focuses on safe and convenient data transfer and emphasized the protection of data rights under the Personal Data Protection Act.
He emphasized the need for data transmission mechanisms that are truly usable and unblockable by alternatives.
OIC Secretary General Chuchat Pramlupol linked this project to the OIC’s Open Insurance initiative, which increases transparency and allows consumers to better manage their finances using accessible insurance data. Ta.
SEC Deputy Secretary General Wallachaya Srimachan said the project is facilitating the creation of data aggregators to help users manage their financial and investment data, and the SEC is working with business departments to establish data standards. He added that there is.
Kasikorn Bank and Krungthai Bank presented examples such as digital loan applications with fast approvals and a platform for centralized financial management that allows users to manage their savings, spending and debt in one place.
Access to non-financial data such as tax forms and utility bills will be available starting in 2025.
BOT aims to issue regulations on data transmission by 2025, with full implementation expected by 2026.
Similar efforts include: SGFinDexwas launched by the Monetary Authority of Singapore (MAS) to allow individuals to access and integrate financial data from multiple institutions, including banks and insurance companies.
